Tax Alert India

Provision for free transport to employees is not a service

noreply@blogger.com (Nitin Aggarwal) — Wed, 22 May 2013 02:14:33 PDT

Provision of free transport facility provided to employees for business purposes cannot be regarded as 'service' because work done and wages received are independent of use or otherwise of such...

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Things to consider before taking a home loan

noreply@blogger.com (Nitin Aggarwal) — Mon, 20 May 2013 06:29:24 PDT

Many of us dreams for buying a home today. Properties prices are neutral or down as well as the rate of interest on home loan. But there are many factors to be considered before applying for a home...

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EXCEL BASED SALARY CALCULATOR FOR FIRMS

noreply@blogger.com (Nitin Aggarwal) — Sat, 18 May 2013 10:20:55 PDT

Salary calculator:- In a firm or small company where the number of employees are upto 50, there is always a need of a salary calculator which can calculate the salary of full month. Because...

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Prepayment charges can be set off against any other income

noreply@blogger.com (Nitin Aggarwal) — Fri, 17 May 2013 10:30:00 PDT

Taxpayers get a big relief with a decision of Mumbai bench of the income tax Appellate Tribunal. This decision is about the prepayment penalty paid to early repayment for the home loan. In the...

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Mandatory e-filing of return for income above 5 lakh AY 2013-14

noreply@blogger.com (Nitin Aggarwal) — Thu, 16 May 2013 06:34:16 PDT

Income tax department issued a notification no. 34/2013 about e-filing of income tax return is mandatory for the person whose income is above 5 lakh for the assessment year 2013-14. Full notification...

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Service tax voluntary compliance encouragement scheme VCES 2013

noreply@blogger.com (Nitin Aggarwal) — Thu, 16 May 2013 06:24:42 PDT

Service tax department started new scheme which is Voluntary Compliance Encouragement scheme( VCES). This scheme is for those service providers who falls into service tax liability but didn't apply...

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EPF interest rate 8.5 percent approved for 2012-13

noreply@blogger.com (Nitin Aggarwal) — Wed, 15 May 2013 11:00:03 PDT

Finance Ministry of India has approved rate interest of 8.5% for 2012-13 for EPFO subscribers which are up by .25 percent, which was 8.25 percent in the previous year. This will benefit around 5...

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ITR-4S SUGAM form in excel for AY 2013-14 free download

noreply@blogger.com (Nitin Aggarwal) — Wed, 15 May 2013 04:15:37 PDT

Income tax department has issued income tax return form ITR for the assessment year 2013-14. Earlier these forms are available in pdf format only. Now the department issued SAHAJ and SUGAM forms in...

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e-filing of audit report mandatory u/s 44AB AY 2013-14

noreply@blogger.com (Nitin Aggarwal) — Wed, 15 May 2013 03:43:14 PDT

Where an assessee is required to furnish a report of audit under section 44AB, 92E or 115JB of the income tax act, he shall furnish the audit report electronically for assessment year 2013-14 and...

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ITR-1 SAHAJ form for assessment year 2013-14 in excel

noreply@blogger.com (Nitin Aggarwal) — Tue, 14 May 2013 11:00:06 PDT

Income tax department issued income tax return forms (ITR) for the assessment year 2013-14. Earlier these ITR-1. ITR-2. ITR-3, ITR-4, ITR-4S(SUGAM) and ITR-V Acknowledgment issued in the...

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RBI told banks to stop writing on currency notes

noreply@blogger.com (Nitin Aggarwal) — Tue, 14 May 2013 03:45:24 PDT

Reserve Bank of India has issued a note on clean note policy and urge the banks not to write anything on currency notes. This is an another step to increase the life of the notes as initially RBI...

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Custom classifies Tablet computer

noreply@blogger.com (Nitin Aggarwal) — Tue, 14 May 2013 03:37:13 PDT

Custom department made classification on the machinery imported under the name of tablet computer. Custom department issued a circular no. 20/2013 dated 14 May 2013 regarding classification...

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5 things one must know about PPF account

noreply@blogger.com (Nitin Aggarwal) — Mon, 13 May 2013 05:23:35 PDT

There are some points which everybody should know about public provident fund(PPF). 1- If somebody has the ppf account which is forgotten or ignored, one can revive this ppf account...

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No cheque return charges if customer is not at fault

noreply@blogger.com (Nitin Aggarwal) — Sat, 11 May 2013 23:35:26 PDT

Reserve bank of India gives a important point stating that if there is no fault of the customer, bank can't levy charges of cheque return. We often see banks levy charges of cheque retuen whereas no...

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TDS rates and threshold limit for financial year 2012-13

noreply@blogger.com (Nitin Aggarwal) — Sat, 11 May 2013 10:54:05 PDT

There is always a confusion about the threshold limit of Tax deduction at source(TDS). Threshold limit is the limit below which no TDS will be deducted. In this table there is complete list...

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Revised rates for acceptance of e-TDS, Form 24G and AIR

noreply@blogger.com (Nitin Aggarwal) — Fri, 10 May 2013 00:30:58 PDT

Tin.nsdl has revised rates for acceptance of e-TDS/TCS, Form 24G statements and AIR at TIN facilitation centres TIN-FCs . These rates are effective from 4 May 2013. The revised rates for acceptances...

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Custom classifies blood filters disposable sterilized dialyzer and microbarrier

noreply@blogger.com (Nitin Aggarwal) — Fri, 10 May 2013 00:17:13 PDT

Custom department classifies blood filters disposable sterilized dialyzer and microbarrier. These filters are used in filtering blood in dialysis process. Custom department issued a circular no....

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Excel loan EMI loan tenure and loan rate of interest calculator

noreply@blogger.com (Nitin Aggarwal) — Thu, 09 May 2013 10:30:02 PDT

Sometimes we need a three in one calculator which can calculate the loan EMI, loan tenure as well as the rate of interest on which the loan charges. This is the excel based loan EMI, loan tenure and...

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New income tax forms ITR1, ITR2, ITR3, ITR4, Sugam for AY 2013-14

noreply@blogger.com (Nitin Aggarwal) — Tue, 14 May 2013 04:14:37 PDT

Income tax department has issued new income tax forms for the assessment year 2013-14. These income tax forms are used for filing income tax return for the assessment year 2013-14. Income tax...

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New RPU 3.4 and FVU 3.71 TDS return software free download

noreply@blogger.com (Nitin Aggarwal) — Wed, 08 May 2013 02:41:05 PDT

Tin.nsdl has launched latest rpu and fvu e-tds softwares. RPU version 3.4 and FVU version 3.71 are latest e-tds software. RPU and FVU use to prepare quarterly statements for tds/tcs. These...

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Download latest file validation utility FVU 3.71 e-tds software

noreply@blogger.com (Nitin Aggarwal) — Wed, 08 May 2013 03:00:14 PDT

Tin.nsdl has launched latest file validation utility software version 3.71 for preparing e-tds/tcs quarterly statements. This is the latest version of FVU 3.71 which is published on 6-May-2013....

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Download Latest return preparation utility RPU 3.4 for e-tds statements

noreply@blogger.com (Nitin Aggarwal) — Tue, 07 May 2013 03:04:09 PDT

Tin.nsdl has launched latest return preparation utility version 3.4 for e-tds/tcs statements. This rpu 3.4 is the latest version of TDS software. This RPU 3.4 will prepare the statements pertaining...

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Custom imposes anti dumping duty on Phenol

noreply@blogger.com (Nitin Aggarwal) — Tue, 07 May 2013 02:32:08 PDT

Custom department has imposed anti-dumping duty on phenol. Anti-dumping duty is the tool with which the importers of specified goods need to pay extra duty and this is to save the domestic industries...

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No wealth tax on agriculture land

noreply@blogger.com (Nitin Aggarwal) — Mon, 06 May 2013 05:38:52 PDT

Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation. The new amendment rules are as under. In this contrast, Finance bill...

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Trading in commodity not more a speculative transaction

noreply@blogger.com (Nitin Aggarwal) — Sun, 05 May 2013 10:36:31 PDT

Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation. The new amendment rules are as under. In the new rule trading in...

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